Grayscale Ethereum Trust has received the tip of $20M from Ark Investment

Grayscale Ethereum Trust has received the the tip of $20M from Ark Investment

In Grayscale’s Ethereum Trust for Q1 — currently worth around $20.9 million at today’s prices, in Grayscale’s Ethereum Trust for Q1 — currently worth around $20.9 million at today’s prices.

The supports of Ethereum and DeFi sees as a bullish sign, the new Arks major investment into Ethereum. The development is quite distinctive according to Mythos Capital founder and Bankless author Ryan Adams.

According to Ryan Adam, ETH is money and that there was a time people were told that Institutions will never buy ETH.

Also, with the co-founder of venture capital firm Framework Ventures, Vance Spencer tweeting earlier today, Ether bulls have been growing noticeably more confident recently.

Also, in the tweet of Vance Spencer, he posited that without BTC as the dominant narrative, there were many times when crypto would not have been strong enough to survive, regime change is coming because I no longer believe this is the current regime.

Institutional managers bought $30.2 million worth of Ethereum at the end of April, bringing their total holdings to an all-time high of $13.9 billion, according to Cointelegraph report on May 5.

Ark’s Q1 filing with SEC earlier this month shows the firm’s portfolio still heavily leans in Bitcoin’s favor. Ark reported holdings of 8.6 million shares in Grayscale’s Bitcoin Trust, worth more than $298 million as of today, despite the excitement around the ETH buy.

Grayscale’s ETH Trust has been much more lucrative compared to Grayscale’s Bitcoin trust in 2021, according to data from TradingView.

The share price of Grayscale’s ETH Trust, or ETH, has increased by 179% this year, up from $11.70 on Jan. 4, to $32.70 as of today. The share price of Grayscale’s BTC Trust, or GBTC, has increased by a mere 1.7% in the same time frame, up from $33.80 on Jan. 4, to around $34.38 today. GBTC has been trading at a 15-20% discount to its Bitcoin holdings.

Cathie Wood and Ark Investments don’t share the same environmental concerns as expressed recently by Elon Musk and Tesla.

 

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